), the biggest stablecoin and the third-largest digital currency by market capitalization continues losing its market value amid the current market downturn.
On Thursday, USDT’s market cap dropped below $70 billion for the first time since October 2021. The drop followed a cascade of repeated declines shortly after the USDT market value reached its all-time high above $80 billion in May.at $69.3 billion, up around $300 million from the multi-month low, according to data from CoinGecko.Tether’s biggest rival, USDC, is the second-largest U.S. dollar-pegged stablecoin backed by the peer-to-peer payments technology company Circle.